人民币外汇市场压力与我国货币政策相互作用研究  

Research on Interaction of RMB Exchange Market Pressure and Monetary Policy

作　　者：庞晓波[1] 贺光宇[1] 任安昌[1] 

机构地区：[1]吉林大学商学院,吉林长春130012

出　　处：《经济经纬》2013年第5期145-149,共5页Economic Survey

基　　金：教育部人文社会科学重点研究基地重大项目(10JJD790033)

摘　　要：外汇市场压力与货币政策关系密切,货币政策及央行外汇干预会对外汇市场压力的集聚和缓解产生作用,同时外汇市场压力也会影响货币政策的执行效果。笔者采用理论与实证相结合的方法,运用非模型依赖法EMP指数和我国货币政策变量等内生变量建立VAR模型,实证结果表明人民币升值压力与货币政策变量具有一定的相互作用关系,通货膨胀率对人民币升值压力没有显著影响,而人民币升值压力则会一定程度上使通货膨胀加剧。This paper analyzes the effect of monetary policy and foreign exchange intervention of central bank on the gathering and relief of exchange market pressure by a combination of theoretical and empirical methods, such as non - model dependent method EMP index and Cbina monetary policy variables endogenous variable VAR model. The empirical results show that the pressure of RMB appreciation has a certain degree of interaction between the inflation rate and monetary policy variables the pressure of RMB appreciation does not significantly influence the pressure of RMB appreciation will inflation to some extent.

关 键 词：外汇市场压力（EMP） 货币政策 VAR模型 

分 类 号：F830[经济管理—金融学]